New head of Hong Kong industries body says innovation and technology is key to city's growth
Progress has stagnated and HK industries need to be transformed, says head of trade body
Hong Kong's industries should be upgraded and transformed through innovation and technology, said Daniel Cheng Man-chung, the newly elected chairman of the Federation of Hong Kong Industries (FHKI).
"Hong Kong's technological progress has stagnated," he told the media yesterday after he was elected to head the organisation that is one of the city's biggest trade bodies.
Cheng, an engineer by training, is managing director of Dunwell Group, an environmental technology company that specialises in used oil recycling and industrial wastewater treatment.
Formerly deputy chairman of FHKI, Cheng succeeds Stanley Lau Chin-ho, who finished his two-year term this month.
"Innovation and technology is seen as one of the most important sectors in economies worldwide to spearhead economic progress," said Cheng.
He rued the fact Hong Kong was no longer the technology leader in Asia, noting the city had been eclipsed by its more advanced neighbours.
"It is therefore vital for Hong Kong to foster the growth of innovation and technology and help them to connect with traditional industries to make possible symbiotic growth," Cheng said.